Global Vaccines Market Grows at a Staggering CAGR of 7.07%

Introduction

Vaccines are biological preparations that stimulate the immune system to develop protection against specific infectious diseases. They contain weakened or inactivated pathogens, their components, or genetic material to trigger an immune response. The global vaccine market is growing rapidly owing to, increasing immunization efforts from government and private organizations and rising strategic collaborations at international levels to develop new vaccines. World Health Organization (WHO) working with countries and private partners to improve global vaccination coverage through various initiatives such as Immunization Agenda 2030. Additionally, WHO observed the global coverage for the first dose of HPV vaccine in girls grew from 20% in 2022 to 27% in 2023.

Market Dynamics

Government Immunization Programs Drive the Global Market

The Government-led immunization programs play a crucial role in increasing vaccine coverage and preventing infectious diseases globally. Many countries have implemented national vaccination initiatives to ensure widespread immunization, particularly for children, the elderly, and high-risk populations.

• For example, the U.S. runs the Vaccines for Children (VFC) Program, which provides free vaccines to eligible children who are uninsured or underinsured.
• Similarly, the UK’s National Health Service (NHS) offers the Childhood Immunization Program, covering vaccines for measles, mumps, rubella (MMR), and other diseases.
• In India, the Universal Immunization Program (UIP) is one of the largest vaccination initiatives in the world, providing free vaccines for tuberculosis (BCG), polio, diphtheria, tetanus, and hepatitis B.

In addition, GAVI, the Vaccine Alliance, partners with governments in developing nations to support immunization efforts, funding vaccine distribution for diseases such as HPV, rotavirus, and pneumococcal infections. Thus, such programs significantly boost vaccine adoption, reduce mortality rates, and help control disease outbreaks on a global scale.

India’s Role in Global Vaccine Supply: Key Market Opportunity

India's robust manufacturing capabilities and cost-effective production processes make it a pivotal player in the global vaccines market. For instance, in May 2024, according to Invest India, the country supplies 60% of the world's vaccine demand and is the largest provider of essential vaccines such as Diphtheria-Tetanus-Pertussis (DPT), Bacillus Calmette-Guérin (BCG), and Measles. With rising demand for affordable vaccines in developing nations, India's well-established production infrastructure and expanding export potential present a significant opportunity for global vaccine market growth.

Source: World Integrated Trade Solution (WITS)

Regional Analysis

North America is the most significant global vaccines market shareholder accounting for a 35.21% share in 2024. This growth is driven by strong government support, well-established healthcare infrastructure, and the presence of key market players such as Pfizer, Moderna, and Merck. Additionally, continuous investments in vaccine R&D, rapid adoption of next-generation vaccine technologies, and favourable regulatory policies by agencies such as FDA contribute to market expansion. The rising demand for preventive vaccines, along with increasing public awareness and immunization initiatives, further strengthens the region’s dominance in the global market.

The Asia-Pacific region is expected to register fastest CAGR owing to increasing government initiatives for immunization programs, rising investments in vaccine research and development, and expanding manufacturing capabilities. Countries such as China and India are emerging as major vaccine producers, driven by strong domestic demand and export opportunities. Additionally, collaborations between regional governments, global health organizations, and private vaccine manufacturers are enhancing accessibility and affordability. The growing prevalence of infectious diseases, coupled with advancements in next-generation vaccine technologies, further fuels market expansion across the region.

Key Highlights

• The global vaccines market was valued at USD 67.58 billion in 2024. It is estimated to reach USD 70 billion by 2033, growing at a CAGR of 7.07% during the forecast period (2025–2033).
• By type, the global vaccines market is bifurcated into monovalent vaccines and multivalent vaccines. The multivalent vaccines segment is the largest revenue contributor to the market accounting for market share of 77.04% in 2024.
• Based on the route of administration, the global vaccines market is oral, parenteral, and nasal. The parenteral segment is the largest revenue contributor to the market and is expected to register the fastest CAGR of 8.23% during the forecast period.
• By disease indication, the market is categorized into viral vaccines and bacterial vaccines. The viral vaccines segment is the largest revenue contributor accounting for market share of 73.39% in 2024.
• By age group, the market is categorized into adult and pediatric. The adult segment is the largest revenue contributor accounting for market share of 50.25% in 2024.

Competitive Players

The key players in the global vaccines market are Pfizer Inc., Moderna, Inc., Merck & Co., Inc., GSK plc, Sanofi, BioNTech SE, Johnson & Johnson, China National Biotec Group Company Limited (CNBG), AstraZeneca, Serum Institute of India (SII), Beijing, CSL Behring, Walvax Biotechnology Co., Ltd., Bavarian Nordic Inc., Takeda Pharmaceutical Company Limited., and others.

Recent Developments

• In February 2025, Bavarian Nordic A/S has announced a strategic partnership with Biological E. Limited (BE) to enhance the availability of its chikungunya vaccine in low- and middle-income countries (LMICs).
• In July 2024, the U.S. Department of Health and Human Services (HHS), through the Biomedical Advanced Research and Development Authority (BARDA), is investing approximately USD 176 million in Moderna for the development of an mRNA-based pandemic influenza vaccine.

Segmentation

1. By Type
   1. Monovalent
   2. Multivalent
2. By Route of Administration
   1. Oral
   2. Parenteral
   3. Nasal
3. By Disease Indication
   1. Viral
      1. Hepatitis Vaccine
      2. Influenza Vaccine
      3. Human Papillomavirus (HPV) Vaccine
      4. Rotavirus Vaccine (RV)
      5. Polio Vaccine
      6. Varicella Vaccine
      7. COVID-19 Vaccine
      8. Measles, Mumps and Rubella (MMR) Vaccine
      9. Other Vaccines
   2. Bacterial
      1. Pneumococcal Conjugate Vaccine (PCV)
      2. Meningococcal Vaccine
      3. Diphtheria, Tetanus, and Pertussis Vaccines
      4. Other Vaccines
4. By Age Group
   1. Pediatric
   2. Adult
5. By Region
   1. North America
   2. Europe
   3. Asia-Pacific
   4. Middle East and Africa
   5. Latin America